Even a modern dedicated reinsurance software can lack reporting capabilities.
Every reinsurance professional needs to control costs, to calculate the profitability of his reinsurance contracts and to identify leverage points in order to negotiate renewals.
Most of the reinsurance systems on the market don’t offer these features.
To assess your reinsurance contracts profitability, you need to rely on a true analysis software designed specifically for the insurance sector that will allow you to manipulate your reinsurance data flexibly and dynamically for decision making.
Today, insurers' information systems are composed of several different tools (policy, claims, accounting, actuarial...) so the analytics dedicated module should be agnostic and able to interoperate with any platform in order to retrieve and classify all the data needed.
Having a software with reporting capabilities and pushed analysis will not only make you more credible while renegotiating, but it will also allow you to calculate loss ratios, cleanse data, identify trends and simulate pricing. For example, while studying reinsurance contracts before their renewal, you need to analyze loss ratios by line of business (liability, property...) over a period of several years since with long branches, it takes many years to pay claims and stabilize the result. As a cedant, you also need to identify dependency on one or more reinsurers.
Reinsurance professionals need to rely on tools adapted to their market, with fields using insurance terminology, calculations already set up, standard and dynamic reports or dashboard ready to use and ready to be shared as well as graphical representations with drill down features to explore all portfolios and thus accelerate decision making and improve governance.
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